ASIC
ASIC has obtained interim orders from the Federal Court freezing the assets of financial advice licensee United Global Capital Pty Ltd (UGC) and related property investment company Global Capital Property Fund Limited (GCPF).
ASIC sought the orders to protect investor funds while an investigation is continuing.
In Melbourne on 20 June 2024, Justice O’Callaghan ordered that UGC and GCPF be restrained from:
- removing property from Australia,
- selling, charging, mortgaging, dealing with or disposing of property,
- incurring new liabilities, or
- withdrawing, transferring, disposing of, or dealing with money held in bank accounts or with a financial institution (subject to limited exceptions).
At a hearing on 25 June 2024, the Court extended the time for compliance with some of the disclosure orders that had been made and adjourned the matter for further hearing at 10:15am on 11 July 2024.
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